Matador Resources Company announced that its cash tender offer to repurchase any and all of its $500 million outstanding 6.875% senior notes due 2028 expired at 5:00 p.m. New York City time on Wednesday, March 4, 2026.
The offer, which began on February 28, 2026, allowed holders to tender up to $500 million of principal. At the time of expiration, $419,705,000 of principal had been tendered, representing approximately 84 % of the notes. An additional $4.5 million was subject to guaranteed delivery procedures, bringing the total tendered amount close to the full principal. The remaining $80,295,000 of principal was not tendered and will remain outstanding.
The tender offer is part of a broader debt‑refinancing strategy that also saw Matador issue a $750 million private offering of senior unsecured notes due 2034 at a 6.000 % coupon. Proceeds from the new notes were used to fund the repurchase and to repay borrowings under the company’s credit facility, extending the maturity profile of its long‑term debt and lowering its overall interest expense.
CEO Joseph Wm. Foran said, "quality inventory that we've procured over time, particularly in the Delaware" and added, "this past quarter, we increased production. Most importantly, we increased reserves by 9% as measured by the Netherland and Sewell." He also noted, "this year, our specific objectives are to continue to increase production, reduce capital spending and grow our midstream assets, while remaining opportunistic on acquisition opportunities that may arise." COO Chris Calvert emphasized a "profitability focused, not necessarily production focused" approach.
Matador’s 2026 operating plan targets a 3 % increase in oil production while cutting capital expenditures by 11 % to $1.5 billion. The company also aims to improve capital efficiency, reduce its reserve‑based loan, and realize value from its midstream assets. The plan reflects a focus on free cash flow generation and disciplined spending.
In Q4 2025, Matador reported adjusted earnings of $0.87 per share, down from $1.83 per share in the prior‑year quarter, and total revenues of $849 million, compared with $970.4 million in the prior year. As of December 31, 2025, the company’s long‑term debt stood at $4,682.4 million, and proved reserves had increased by 9 % year‑over‑year. The company’s operations are divided between Exploration and Production and Midstream segments, with the midstream business expected to contribute significantly to future cash flows.
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